If reflection is inefficient, when is it most appropriate?

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I find a lot of cases where I think to myself that I could use relfection to solve a problem, but I usually don't because I hear a lot along the lines of "don't use reflection, it's too inefficient".

Now I'm in a position where I have a problem where I can't find any other solution than to use reflection with new T(), as outlined in this question & answer.

So I'm wondering if somebody can tell me reflection's specific intended usage, and if there's a set of guidelines to indicate when it's appropriate and when it isn't?

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